Greek borrowing rates rise in T-bill sale

Greece's debt management agency says the country has raised (EURO)1.625 billion ($2 billion) in an auction of 26-week treasury bills, but at a relatively hefty interest rate that rose from a similar debt sale last month.

The Associated Press

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Greece's debt management agency says the country has raised (EURO)1.625 billion ($2 billion) in an auction of 26-week treasury bills, but at a relatively hefty interest rate that rose from a similar debt sale last month.

Tuesday's auction saw the yield increase to 4.73 percent from 4.69 percent in the last such auction on May 8. Demand was 2.14 times the amount on offer, weaker than in May, when it was 2.6 times the offer.

Greece has been locked out of the long-term international bond market for the past two years by sky-high interest rates demanded for its bonds. It has continued with short-term bill sales to keep a presence in the market. The country has been relying on international rescue loans from the EU and IMF since May 2010.